The Williams Companies, Inc. (WMB) is an energy company dedicated to providing infrastructure for the safe delivery of natural gas products, playing a crucial role in supporting the clean energy economy. The company is organized into four main segments, each contributing to its operations and revenue. Williams Companies focuses on the transportation, storage, and marketing of natural gas and natural gas liquids, ensuring efficient and reliable energy delivery .
- Gas & NGL Marketing Services - Engages in marketing and trading operations for natural gas liquids and natural gas, including risk management and transactions related to storage and transportation.
- Transmission & Gulf of Mexico - Operates interstate natural gas pipelines and related storage facilities, and manages natural gas gathering, processing, and crude oil production handling in the Gulf Coast region.
- Northeast G&P - Focuses on midstream gathering, processing, and fractionation in the Marcellus and Utica Shale regions, including interests in joint ventures and investments in gas gathering systems.
- West - Covers gas gathering, processing, and treating operations in regions such as the Rocky Mountains, Barnett Shale, and Eagle Ford Shale, along with NGL storage facilities and investments in pipelines and fractionators.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Alan S. Armstrong ExecutiveBoard | President and Chief Executive Officer | Chair of National Petroleum Council; Member of President’s National Infrastructure Advisory Council; Board Member of BOK Financial Corporation, American Petroleum Institute, and Junior Achievement National Board. | Joined WMB in 1986; CEO since 2011; expanded WMB's reach to handle one-third of U.S. natural gas volumes. | View Report → |
Chad A. Teply Executive | Senior Vice President – Transmission & Gulf of Mexico | None. | Joined WMB in 2020; previously Senior VP – Project Execution; extensive experience in energy project management. | |
Chad J. Zamarin Executive | Executive Vice President of Corporate Strategic Development | None. | Joined WMB in 2017; promoted to EVP in 2023; key role in acquisitions like NorTex, Trace Midstream, and MountainWest Pipeline. | |
Debbie (Cowan) Pickle Executive | Senior Vice President and Chief Human Resources Officer | None. | Joined WMB in 2018; leads talent acquisition and retention strategies; implemented programs like Intern Institute and campus recruiting. | |
Eric J. Ormond Executive | Senior Vice President of Project Execution | None. | Joined WMB in 2023; previously held senior roles at Crestwood Midstream Partners LP. | |
John D. Porter Executive | Senior Vice President and Chief Financial Officer | None. | Joined WMB in 2013; CFO since 2022; previously VP of Financial Planning & Analysis and Investor Relations. | |
Larry C. Larsen Executive | Senior Vice President Gathering & Processing | None. | Joined WMB in 2017; Senior VP since 2022; previously VP of Strategic Development and Rocky Mountain Midstream. | |
Mary A. Hausman Executive | Vice President, Chief Accounting Officer, and Controller | None. | Joined WMB in 2019; previously Staff Vice President of Internal Audit and Director of Special Projects. | |
Micheal G. Dunn Executive | Executive Vice President and Chief Operating Officer | None. | Joined WMB in 2017; COO since 2017; previously Director of the general partner at Williams Partners L.P.. | |
T. Lane Wilson Executive | Senior Vice President and General Counsel | None. | Joined WMB in 2017; oversees legal and regulatory matters for the company. | |
Carri A. Lockhart Board | Independent Director | Board Member at Dril-Quip, Inc. and Ascent Resources. | Director since 2023; nearly 30 years of experience in oil and gas; previously CTO and EVP at Equinor. | |
Jesse J. Tyson Board | Independent Director | Owner of T&S Food Services, II, LLC. | Director since 2022; 36 years of experience at ExxonMobil; former CEO of National Black MBA Association. | |
Murray D. Smith Board | Independent Director | President of Murray D. Smith and Associates; Board Member at Surge Energy Inc. and Cold Bore Technology, Inc.. | Director since 2012; extensive experience in energy governance and public policy; former Alberta Minister of Energy. | |
Peter A. Ragauss Board | Independent Director | Director at APA Corporation and Skulte LNG. | Director since 2016; retired CFO of Baker Hughes; extensive finance expertise in the energy industry. | |
Richard E. Muncrief Board | Independent Director | President and CEO of Devon Energy Corporation. | Director since 2022; extensive leadership experience in the energy sector; CEO of Devon Energy since 2021. | |
Rose M. Robeson Board | Independent Director | Board Chair at Newpark Resources, Inc.; Board Member at SM Energy Company. | Director since 2020; over 40 years of experience in accounting and finance; previously CFO of DCP Midstream. | |
Scott D. Sheffield Board | Independent Director | Director at Pioneer Natural Resources Company. | Director since 2016; retired CEO of Pioneer Natural Resources; extensive experience in energy transition and corporate governance. | |
Stacey H. Doré Board | Independent Director | EVP of Public Affairs and Chief Strategy and Sustainability Officer at Vistra Corp.. | Director since 2021; extensive experience in energy transition and sustainability; previously CEO of Sharyland Utilities. | |
Stephen W. Bergstrom Board | Non-Executive Board Chair | None. | Director since 2016; retired CEO of American Midstream Partners; extensive experience in natural gas midstream operations. | |
William H. Spence Board | Independent Director | Board Member at Pinnacle West Capital Corporation. | Director since 2016; retired Chair, President, and CEO of PPL Corporation; extensive expertise in energy transition and strategy development. |
- With multiple large greenfield pipelines being built simultaneously in the Haynesville, how do you assess the risk of overcapacity impacting returns on your Louisiana Energy Gateway project, especially given the competition for LNG feedgas supply?
- Regarding the Regional Energy Access project, could you elaborate on the potential financial and operational impacts if the FERC's temporary certificate is delayed further or if the DC Circuit's legal proceedings don't resolve in your favor?
- Considering the significant production curtailments you're experiencing, with about 4 Bcf/d shut-ins across the Marcellus and Haynesville, how confident are you in the timing of demand recovery to fully utilize your gathering systems without requiring additional capital investment?
- Given the accelerating demand from data centers and power generation, what specific challenges do you foresee in securing high-return transmission projects beyond the end of this decade, and how might competition from other pipeline expansions affect your growth prospects?
- In the context of increasing demand for pipeline capacity, are there opportunities to renegotiate existing contracts at higher rates, and how might regulatory constraints limit your ability to capitalize on the tightening capacity market?
Research analysts who have asked questions during WILLIAMS COMPANIES earnings calls.
Jeremy Tonet
JPMorgan Chase & Co.
5 questions for WMB
John Mackay
Goldman Sachs Group, Inc.
5 questions for WMB
Manav Gupta
UBS Group
5 questions for WMB
Praneeth Satish
Wells Fargo
5 questions for WMB
Theresa Chen
Barclays PLC
5 questions for WMB
Jean Ann Salisbury
Bank of America
3 questions for WMB
Keith Stanley
Wolfe Research, LLC
3 questions for WMB
Robert Catellier
CIBC Capital Markets
3 questions for WMB
Spiro Dounis
Citigroup Inc.
3 questions for WMB
Burke Sansiviero
Wolfe Research, LLC
2 questions for WMB
Indraneel Mitra
Bank of America
2 questions for WMB
Jason Gabelman
TD Cowen
2 questions for WMB
Neal Dingmann
Truist Securities
2 questions for WMB
Zackery Van Everen
Tudor, Pickering, Holt & Co.
2 questions for WMB
Zack Van Everen
TPH&Co.
2 questions for WMB
Brandon Bingham
Scotiabank
1 question for WMB
Gabriel Moreen
Mizuho Financial Group, Inc.
1 question for WMB
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Dominion Energy, Inc. | Long-term natural gas transportation contract | Transco | In 2024: 7% of Transco’s operating revenue ($217 million) ; 2023: $287 million ; 2022: $293 million. |
Puget Sound Energy, Inc. | Long-term natural gas transportation contract | NWP | In 2024: 31% of NWP’s operating revenue ($136 million) ; 2023: $126 million ; 2022: $131 million. |
Cascade Natural Gas Corporation | Long-term natural gas transportation contract | NWP | In 2024: 10% of NWP’s operating revenue ($46 million) ; 2023: $46 million ; 2022: $47 million. |
Northwest Natural Gas Company | Long-term natural gas transportation contract | NWP | In 2024: 11% of NWP’s operating revenue ($47 million) ; 2023: $47 million ; 2022: $49 million. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Gulf Coast Storage Acquisition | 2024 | Completed on January 3, 2024, this deal for $1.95 billion (with an additional $100 million deferred consideration) acquired 100% of a portfolio of natural gas storage facilities and pipelines in Louisiana and Mississippi (230 miles of pipelines and six underground storage facilities with 115 Bcf capacity), aimed at expanding the natural gas storage footprint and enhancing LNG export access. |
Discovery Acquisition | 2024 | Completed on August 1, 2024, the deal involved purchasing the remaining 40% interest in Discovery for $170 million in cash (subject to working capital and post-closing adjustments), thereby expanding the company’s gathering, processing, and transportation presence in the Gulf of Mexico and resulting in a $127 million gain from the remeasurement of its prior equity-method investment. |
Cureton Front Range, LLC Acquisition | 2023 | Anticipated to close in Q4 2023 for $560 million (subject to post-closing adjustments), this acquisition in the DJ Basin provided gas gathering pipelines and two processing plants over 225,000 acres, strategically positioning the company as the third-largest gatherer in the basin and expanding its processing footprint. |
MountainWest Pipeline Holding Company Acquisition | 2023 | Completed on February 14, 2023, this acquisition was executed for $1.08 billion in cash (with the assumption of $430 million in debt) and brought in approximately 2,000 miles of interstate pipelines and 56 Bcf of natural gas storage capacity, thereby strengthening the company's transmission and storage presence in key Rocky Mountain markets. |
Trace Midstream (Gemini Arklatex, LLC) Acquisition | 2022 | Completed on April 29, 2022, the deal for approximately $972 million (subject to post-closing adjustments) expanded the company’s footprint into the East Texas region and the Haynesville Shale, advancing its clean energy strategy with acquired operations contributing $99 million in revenues. |
NorTex Midstream Holdings, LLC Acquisition | 2022 | Finalized on August 31, 2022, this acquisition for approximately $424 million added natural gas storage facilities and pipelines in north Texas, increasing working gas storage by 75 Bcf (to a total of 110 Bcf when combined with other assets) and reinforcing the company’s wellhead-to-water strategy in the Gulf Coast region. |
Recent press releases and 8-K filings for WMB.
- $3.1 billion investment agreed for two new power innovation projects, expected online by H1 2027 under 10-year fixed-price PPAs.
- Total power innovation projects committed capital increases to $5 billion.
- 2025 growth capex raised by $875 million to $3.45–3.75 billion, reflecting accelerated project spending.
- 2025 leverage ratio midpoint projected at 3.7× following the capex increase.
- Williams raised its FY 2025 earnings guidance to $7.75 billion at the midpoint—a $350 million increase implying 9% growth versus FY 2024.
- Over the past five years, Williams delivered a 9% CAGR in earnings, 14% CAGR in EPS and 20% return on invested capital.
- Transmission capacity is set to expand from 20 BCF/d in 2018 to 38 BCF/d by 2030 via sanctioned projects, with an additional 13 BCF/d in backlog representing $14 billion of potential investment.
- The power innovation arm has increased its first project investment to $2 billion and is pursuing 6 GW of new gas-fired power solutions for data centers and renewables integration.
- Williams’ board approved a regular dividend of $0.50 per share ($2.00 annualized), payable September 29, 2025, to holders of record on September 12, 2025.
- The new dividend marks a 5.3% increase from the company’s 2024 quarterly payout of $0.4750 per share.
- Williams has paid a common stock dividend every quarter since 1974, and some of this distribution may be treated as a return of capital for tax purposes.
- Williams Companies filed a petition with the Federal Energy Regulatory Commission to reinstate the certificate of public convenience and necessity for the Northeast Supply Enhancement (NESE) project, aiming to deliver natural gas to New York and New Jersey.
- The move follows the Trump administration’s lifting of the stop-work order on the $5 billion Empire Wind offshore wind project, seen as part of a broader energy deal with New York officials.
- Williams is engaging with environmental regulators in Pennsylvania, New Jersey, and New York to secure necessary permits after the pipelines were previously blocked over permitting issues and opposition.
- President Trump has personally advocated for restarting the Constitution Pipeline, signaling strong federal support for Williams’ Northeast infrastructure efforts.
- Strong Q1 performance: Williams reported growth in adjusted EBITDA to $1.98 billion with record results driven by transmission, gathering, and storage segments, and raised its adjusted EBITDA guidance midpoint to $7.7 billion for 2025, representing 9% growth year-over-year.
- High-return projects and investments: The company continues executing key projects such as the Socrates project and Transco expansion initiatives, signaling robust capital deployment and attractive return profiles.
- Leadership transition: Announced a leadership change with Chad Zamarin set to succeed Alan Armstrong as President and CEO effective July 1, while Armstrong will serve as Executive Chairman, and Larry Larson assumes the role of Chief Operating Officer, ensuring a smooth transition.
- Strong Q1 Performance: GAAP net income of $690 million, EPS of $0.56, and adjusted net income of $730 million, highlighting improved results versus Q1 2024
- Robust Operating Metrics: Adjusted EBITDA reached $1.989 billion with cash flow from operations at $1.433 billion, underscoring enhanced efficiency
- Updated Guidance & Strategic Investments: Raised adjusted EBITDA guidance midpoint by $50 million to $7.7 billion and advanced key projects including Socrates power innovation and Transco’s Power Express expansion
- CEO Transition: Alan Armstrong shifts from President/CEO to Executive Chairman while Chad Zamarin takes the helm as President/CEO, effective July 1, 2025
- Board Restructuring: Stephen Bergstrom transitions from Chairman to serve as the independent Lead Director
- Micheal Dunn, the Executive Vice President and Chief Operating Officer, will retire effective May 2, 2025, marking a significant management change at Williams Companies.
- Dunn is recognized for his leadership in transforming operations and delivering key infrastructure projects, including Atlantic Sunrise and multiple pipeline expansion projects.
- The company is actively working to identify a suitable successor, ensuring continuity in its operational strategy.